Application of game theory in modern electrical power system (a review)

In recent decades, because of the speedy progress of the smart grid and the deepening of the reforms of the energy system, demand-side users can contribute to the collaboration of the energy network, with the main right to public energy procurement and the main right to sell energy. The demand side of the smart grid and the open energy market provides users with more adoptions, and game theory is expected to become an important tool for optimizing multi-stakeholder decision-making and solving many problems in this area. In this regard, this review article first reviews the recent development of game theory application in modern power systems, in addition to discussing in detail the typical gaming behavior of the current energy demand side. Second, it focuses on the application of game theory mainly in three aspects: distributed energy users, high-energy energy users, and medium- and low-energy users. Game theory is used in optimizing the distributed energy coordination, optimizing the energy purchasing strategy, responding to the needs of commercial and residential users, and ensuring network communication. Later, a comprehensive analysis of recent trends in game theory application in power systems is carried out in detail.